Sam Zell, billionaire real estate investor, diesMay 18, 2023 GMT
Sam Zell, a Chicago real estate magnate who earned a multibillion-dollar fortune and a reputation as "the grave dancer" for his ability to revive moribund properties died on Thursday. He was 81.
Zell died at home due to complications from a recent illness, according to Equity Group Investments, a company he founded in 1968.
Millennial Money: Is being a landlord worth it?March 21, 2023 GMT
Real estate has been a popular investment for a very long time — for those who can afford it. But in recent years, trends such as house flipping, “house hacking” (living in one room of a property while renting out the others) and short-term vacation rentals have made real estate investment much more accessible, especially for millennials seeking a second income stream in an uncertain economy.
Officials: China real estate recovering from debt crackdownMarch 3, 2023 GMT
BEIJING (AP) — China’s vast real estate industry is recovering from a slump triggered by tighter debt controls, a deputy central bank governor said Friday, after a wave of defaults by developers rattled global financial markets.
Newmark Group: Q4 Earnings SnapshotFebruary 16, 2023 GMT
NEW YORK (AP) — NEW YORK (AP) — Newmark Group Inc. (NMRK) on Thursday reported fourth-quarter profit of $9.4 million.
On a per-share basis, the New York-based company said it had profit of 5 cents.
Ares Commercial Real Estate: Q4 Earnings SnapshotFebruary 15, 2023 GMT
NEW YORK (AP) — NEW YORK (AP) — Ares Commercial Real Estate Corp. (ACRE) on Wednesday reported fourth-quarter profit of $2.9 million.
The New York-based company said it had profit of 5 cents per share.
Dubai boom sees Russian cash, high rents and reborn projectsFebruary 13, 2023 GMT
DUBAI, United Arab Emirates (AP) — Fourteen years after a financial crisis nearly brought Dubai to its knees, several major abandoned real estate projects are finally showing signs of life as part of a new economic boom in the city-state.
China’s economic growth falls to 3%, gradually revivingJanuary 17, 2023 GMT
BEIJING (AP) — China’s economic growth fell to its second-lowest level in at least four decades last year under pressure from anti-virus controls and a real estate slump, but activity is reviving after restrictions that kept millions of people at home and sparked protests were lifted.
FTX founder charged in scheme to defraud crypto investorsDecember 14, 2022 GMT
NEW YORK (AP) — The U.S. government charged Samuel Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes on Tuesday, alleging he intentionally deceived customers and investors to enrich himself and others, while playing a central role in the company's multibillion-dollar collapse.
Redfin to cut another 13% of workforce, shutter RedfinNowNovember 9, 2022 GMT
WASHINGTON (AP) — Online real estate broker Redfin is cutting 862 employees and shutting down its instant-cash-offer subsidiary RedfinNow, another casualty of two-decade high interest rates stoked by the Federal Reserve's fight against inflation.
California Realtors apologize for role in racist housingOctober 21, 2022 GMT
SACRAMENTO, Calif. (AP) — The California Association of Realtors is apologizing for its role in pushing policies that drove racial segregation in the state, decades after the group put its money behind a proposition that overturned the state’s first fair housing law.
Realtors apologizing for past discrimination, urging changeOctober 14, 2022 GMT
ST. LOUIS (AP) — When Abdul-Kaba Abdullah decided to sell his home two years ago, he listed the neatly-kept, four-bedroom house at $175,000 based on presale evaluations.
But once a buyer made an offer, an appraiser valued the home at only $150,000, and the bank wouldn’t give a loan for the original asking price.
Homeowners see slower equity gains as housing market coolsSeptember 29, 2022 GMT
LOS ANGELES (AP) — Homeowner equity climbed to record highs in the first half of this year, though its rate of growth is slowing as the housing market cools.
Average homeowner equity per borrower reached $298,380 in the second quarter, according to data from CoreLogic.
As housing market cools, homebuyers regain leverageSeptember 8, 2022 GMT
LOS ANGELES (AP) — Years of soaring home prices and sharply higher mortgage rates remain hurdles for many would-be homebuyers, but new data shows that they're regaining some leverage at the negotiating table as the housing market slows.
Long-term mortgage rates now at highest point since 2008September 8, 2022 GMT
WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped again this week, hitting the highest levels in almost 14 years and pushing even more would-be buyers out of the market.
Mortgage buyer Freddie Mac reported Thursday that the 30-year rate jumped to 5.89% from 5.66% last week.
Liz Weston: 3 reasons not to tap your home equity right nowAugust 22, 2022 GMT
Soaring real estate values mean many homeowners are awash in equity — the difference between what they owe and what their homes are worth. The average-priced home is up 42% since the start of the pandemic, and the average homeowner with a mortgage can now tap over $207,000 in equity, according to Black Knight Inc., a mortgage and real estate data analysis company.
This Week: New home sales, Gap earns, consumer spendingAugust 22, 2022 GMT
A look at some of the key business events and economic indicators upcoming this week:
HOUSING MARKET BELLWETHER
The Commerce Department releases its July tally of new U.S. home sales Tuesday.
China cuts interest rate to shore up sagging economyAugust 15, 2022 GMT
BEIJING (AP) — China’s central bank trimmed a key interest rate Monday to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is trying to extend his hold on power.
New Zealand house prices finally fall from dizzying heightsAugust 11, 2022 GMT
WELLINGTON, New Zealand (AP) — New Zealand house prices fell year-on-year for the first time in more than a decade, a report showed Thursday, as rising interest rates finally halted a dizzying boom that had only gained momentum after the coronavirus pandemic first hit.
Liz Weston: 3 ways to fight inflation and win the long gameAugust 8, 2022 GMT
Inflation is scary. Groceries, gas, airfare, car purchases, utilities : In so many areas, your buying power is shrinking as prices continue to rise.
Liz Weston: How to budget realistically for home repairsJuly 25, 2022 GMT
If you’re a homeowner and haven’t faced a big repair bill yet, just wait. Even in the best-maintained homes, stuff will wear out or break.
Budgeting for these inevitable bills isn’t always easy.
GOP Sen Collins puts her Bangor home up for saleJune 21, 2022 GMT
BANGOR, Maine (AP) — U.S. Sen. Susan Collins and her husband are putting their Bangor home that has been the site of recent protests on the market.
Collins and Thomas Daffron bought the 4,250-square-foot house on West Broadway in 2013, a year after they married, and they've made a number of improvements.
Housing market slows retreat from rising seas, bigger stormsJune 18, 2022 GMT
Chuck and Terry Nowiski lived in their country-style farmhouse with a wrap-around porch for 36 years before it flooded. After hurricanes Matthew and Florence, they said “yes” to the state's offer to buy their place and tear it down.
Minneapolis-area house-flipper pleads guilty to fraudJune 16, 2022 GMT
MINNEAPOLIS (AP) — A woman who ran a house-flipping business in the Minneapolis area has pleaded guilty to defrauding real estate investors out of more than $3 million.
Suzanne Griffiths, 46, is charged with one count of wire fraud and one count of money laundering.
Re/Max CEO: Home prices can’t keep up double-digit gainsMay 23, 2022 GMT
LOS ANGELES (AP) — The U.S. housing market is slowing as would-be buyers struggle with rising borrowing costs and a persistent shortage of properties for sale.
Previously occupied home sales fell in February and March as mortgage rates shot up, crimping homebuyers’ purchasing power during the annual spring homebuying season.
Rural home sales in South Dakota heat upMay 11, 2022 GMT
SIOUX FALLS, S.D. (AP) — Real estate agents says the hot housing market in South Dakota's larger cities has spilled over to the state's more rural areas.
While the competition is the highest in Sioux Falls and Rapid City where prices have increased about 20% over last year, the rural real estate market is also changing.
China’s economy grows still-weak 4.8% in January-MarchApril 18, 2022 GMT
BEIJING (AP) — China’s economic growth edged up to a still-weak 4.8% over a year earlier in the first three months of 2022 as industrial cities shut down to fight coronavirus outbreaks, threatening to disrupt global trade and manufacturing.
China tries to calm markets by pledging support for economyMarch 16, 2022 GMT
BEIJING (AP) — China’s government tried Wednesday to reassure jittery investors by promising support for real estate and technology companies after regulatory crackdowns caused stock prices to plunge.
US housing market fuels bidding wars, driving prices higherMarch 10, 2022 GMT
LOS ANGELES (AP) — Would-be homeowners are increasingly opting to pay sellers more than their asking price in hopes of edging out rival buyers as heightened competition for few homes on the market fuels bidding wars.
Indiana man pleads guilty in real estate rental fraud caseMarch 1, 2022 GMT
NEWARK, N.J. (AP) — An Indiana man pleaded guilty Tuesday to running a real estate fraud scheme that persuaded investors to buy rental properties, then lied to them about the properties' condition and whether they were even being rented.
Maine real estate prices soared in 2021, sales ticked upJanuary 21, 2022 GMT
PORTLAND, Maine (AP) — Maine home prices increased by more than a sixth in 2021 while the volume of sales also increased slightly.
Single-family existing homes rose to a median sales price of $299,000 last year, the Maine Association of Realtors said Thursday.
Record year for homes sales on Oahu, median price over $1MJanuary 7, 2022 GMT
HONOLULU (AP) — The median sale price for a single-family home on Oahu was over $1 million during the second half of 2021, a record high for Hawaii's most populous island.
In December, the median price was $1,060,000, a 22% increase compared to 2020, Hawaii Public Radio reported.
Chinese developer asking bondholders to postpone repaymentJanuary 5, 2022 GMT
BEIJING (AP) — A troubled Chinese real estate developer with $310 billion of debt is asking investors in one of its bonds to postpone when they will be repaid.
Evergrande Group will conduct a three-day online vote starting Friday for holders of the 4.5 billion yuan ($700 million) bond, according to an announcement made through the Shenzhen Stock Exchange in southern China.
Maine real estate market expected to slow but not stallJanuary 2, 2022 GMT
BANGOR, Maine (AP) — Rising mortgage rates that are anticipated when the Federal Reserve tightens credit in the new year is expected to slow but not stall Maine's red hot real estate market.
Home prices will keep rising but not as fast as this year despite inflation and higher lending rates, experts say.
China tries to reassure on Evergrande as default fears riseDecember 6, 2021 GMT
BEIJING (AP) — China’s central bank expanded the supply of money for lending Monday as Beijing tried to reassure its public and investors the economy can be protected if a troubled real estate developer’s $310 billion mountain of debt collapses.
Housing market trends fuel single-family home rental growthNovember 24, 2021 GMT
LOS ANGELES (AP) — Homebuilders and other real estate companies are increasingly betting that would-be homebuyers frustrated with a shortage of homes for sale and runaway prices will settle for renting their slice of the American Dream.
North Carolina developer sentenced to prison in Ponzi schemeNovember 16, 2021 GMT
RALEIGH, N.C. (AP) — A North Carolina real estate developer has pleaded guilty to his role in a scheme that defrauded investors of more than $1.5 million. federal prosecutors said.
The U.S. Attorney's Office for the Eastern District of North Carolina says in a news release that Joshua Matthew Houchins, 36, was sentenced to 10 years in federal prison on Monday for wire fraud and possession of firearm by a felon.
LEX Makes History With First Real Estate IPO Accessible To All US InvestorsNovember 8, 2021 GMT
Soaring home prices juice average US homeowner equity growthSeptember 30, 2021 GMT
LOS ANGELES (AP) — Soaring home prices have pushed up average homeowner equity growth to the highest level in more than a decade, though recent signs of a cooling U.S. housing market point to more moderate gains in the second half of the year.
Chinese banks try to calm fears about developer’s debtsSeptember 24, 2021 GMT
BEIJING (AP) — Trying to dispel investor fears, some Chinese banks are disclosing what they are owed by a real estate developer that is struggling under $310 billion in debt and say they can cope with a potential default.
In a hot market, companies compete with would-be homeownersSeptember 9, 2021 GMT
LOS ANGELES (AP) — Soaring home prices and rents are fueling real estate companies’ appetite for houses, adding unwelcome competition for many would-be homebuyers.
Residential real estate bought by companies or institutions hit an all-time high of 67,943 properties in the second quarter, according to Redfin, a Seattle-based online brokerage.
Waikiki resort mandates vaccination for workers, guestsSeptember 8, 2021 GMT
HONOLULU (AP) — A resort in the famed tourist mecca of Waikiki will be the first in Hawaii to require proof of COVID-19 vaccination for all employees and guests.
Starting Oct. 15, ’Alohilani Resort will require its employees, patrons and guests to show proof they're fully vaccinated.
White House details plans to improve housing affordabilitySeptember 1, 2021 GMT
WASHINGTON (AP) — White House officials are outlining plans to build and restore more than 2 million homes, a response to the volcanic rise in housing prices over the past year.
California men plead guilty in Florida to $1.3B fraud scamJuly 13, 2021 GMT
MIAMI (AP) — Two more California men have pleaded guilty in South Florida for their roles in a $1.3 billion real estate fraud scheme that stole money from thousands of investors nationwide.
Dane Roseman, 38, and Ivan Acevedo, 44, both of Los Angeles, pleaded guilty Monday in Miami federal court to participating in a massive investment fraud scheme, in which more than 7,000 victims suffered financial losses, according to court records.
Key part of US residency program for investors set to expireJune 30, 2021 GMT
WASHINGTON (AP) — A program that has allowed wealthy foreign investors to obtain U.S. residency, and has long been the subject of complaints that it amounts to the wholesale selling of American citizenship, may be coming to a sputtering end.
US average mortgage rates decline; 30-year loan at 2.95%May 27, 2021 GMT
WASHINGTON (AP) — Mortgage rates declined this week, pushing the benchmark 30-year home loan back down below the 3% mark. Signs continued of the economy’s recovery from the pandemic recession.
Mortgage buyer Freddie Mac reported Thursday that the average for the 30-year rate fell to 2.95% from 3% last week.
In a sizzling US market, demand and prices for homes soarMay 25, 2021 GMT
WASHINGTON (AP) — America's housing market has grown so overheated as demand outpaces supply that prices keep hitting record highs — and roughly half of all U.S. houses are now selling above their list price.
LA real estate investors buy David Cassidy’s Florida homeJanuary 13, 2021 GMT
FORT LAUDERDALE, Fla. (AP) — A Los Angeles-based real estate investor has purchased the six-bedroom South Florida home that belonged to the late teen idol David Cassidy, and hopes to give it a fresh look on television...
Maine home sales continue to surge amid low inventoryDecember 26, 2020 GMT
AUGUSTA, Maine (AP) — Maine home sales increased by more than 30% in November compared to the previous year as home prices continued to climb as well...
Stocks close higher in holiday shortened weekDecember 24, 2020 GMT
NEW YORK (AP) — Stocks closed slightly higher on Christmas Eve, as investors went into the holiday weekend not bothered by President Donald Trump’s threat not to sign a major economic stimulus package approved by Congress this week...
US long-term mortgage rates hit new low; 30-year at 2.80%October 22, 2020 GMT
WASHINGTON (AP) — U.S. long-term mortgage rates slipped this week as the key 30-year loan marked a new all-time low for the 11th time this year...
S&P CoreLogic Case-Shiller: US home prices rise 3.5% in JuneAugust 25, 2020 GMT
WASHINGTON (AP) — U.S. home prices rose at a slightly slower pace in June, but the U.S. housing market continued to show resilience in the face of the coronvavirus pandemic...
US home prices increase 4% in AprilJune 30, 2020 GMT
WASHINGTON (AP) — U.S. home prices gains accelerated in April even as sales have stumbled, a sign the coronavirus outbreak has had little impact on real estate values...
Real estate stocks surge as investors balance riskOctober 31, 2019 GMT
NEW YORK (AP) — In 2019, investors have relied on bricks and mortar to balance the riskier parts of their portfolios and get a good return...
California man pleads guilty in Florida to $1.3B fraud scamAugust 8, 2019 GMT
MIAMI (AP) — A California man pleaded guilty in Florida to orchestrating a $1.3 billion real estate fraud scheme that stole money from thousands of investors nationwide and agreed to forfeit valuable jewelry, wine and paintings by artists such as Picasso and Renoir...
US home sales fall 1.7% with prices high and supply lowJuly 23, 2019 GMT
WASHINGTON (AP) — U.S. home sales tumbled 1.7% in June, with rising prices and a scarce supply locking out many Americans from ownership.
The National Association of Realtors said Tuesday that homes were sold last month at a seasonally adjusted annualized rate of 5.27 million units.
Rich father-in-law has helped, complicated O’Rourke’s careerJuly 6, 2019 GMT
EL PASO, Texas (AP) — Beto O'Rourke was running for the El Paso City Council in 2005 when he asked to meet with the illustrious real estate investor William Sanders...
US home sales climbed 2.5% in May amid lower mortgage ratesJune 21, 2019 GMT
WASHINGTON (AP) — U.S. home sales jumped 2.5% in May, as lower mortgage rates appeared to help buyers overcome affordability challenges...
Young homebuyers scramble as prices rise faster than incomesMay 25, 2019 GMT
SALT LAKE CITY (AP) — For millennials looking to buy their first home, the hunt feels like a race against the clock...
$1.3M cash for home of Honolulu couple in corruption probeMarch 13, 2019 GMT
HONOLULU (AP) — A U.S. judge on Wednesday approved the sale of a home belonging to a retired Honolulu police chief and his former prosecutor wife mired in a corruption investigation...